ART-INVEST PURCHASES LE MÉRIDIEN PARKHOTEL FRANKFURT

Cologne-based Art-Invest Real Estate has acquired Le Méridien Parkhotel Frankfurt in Germany from private equity group Kildare Partners for an undisclosed sum for its Hotel-Manage to Core fund. The 300-room hotel, close to Frankfurt's main railway station, is now being operated by Munich Hotel Partners (MHP) under a long-term lease agreement. MHP, a franchisee of Starwood Hotels & Resorts, will continue to run the property under the Le Méridien brand. Along with MHP, Art-Invest plans to invest €10 million in a refurbishment of the hotel, which will remain open during the work. This is the fourth acquisition Art-Invest has carried out for its Hotel-Manage to Core fund.